The story opens with Bullseye chained to a chair. Norman Osborn, essentially blackmails him into joining the new Thunderbolts team. Next, Jack Flag argues with his girlfriend Lucy. She's angry because he keeps his old suit. Lucy berates him for his faith in Captain America, but Jack sticks up for his old partner. Lucy then notices a gang of thugs attacking a woman. She begs Jack not to go, but he's adamant, diving out of the window to save the girl.
Next, we see multiple news stories, featuring differing opinions on Osborn and the Thunderbolts. We next see coverage of Thunderbolts Mountain. Two Cloudeyes fly out, searching for a target. Inside the mountain, the Thunderbolts get placed into the Zeus. They take off on their mission.
Another flashback. Moonstone walks into Osborn's office. Osborn explains that she will be the team leader. Back to Jack. He's walking in the street until he sees the Cloudeyes. He runs home, where Lucy is backing a bag. He gets suited up, and bids a tearful farewell to Lucy.